Eko India Financial Services

Eko India Financial Services

  • FOUNDING YEAR: 2007
    LOCATION:
    India
    REGION:
    Haryana
    Last Update:
    13 Feb, 2020
    Global presence:
    India

Description

FOCUS

PRODUCTS & SERVICES:
Mobile Banking, Cash Management, Money transfers, Payments - Provides all these services via local merchants who act as agents. Currently the company is focused on developing wallet solutions and apps for consumer money transfer/remittances. (Fundu, an app that allows every user to be an ATM by leveraging NPCI's UPI infrastructure is in the alpha-testing phase) Eko provides a low cost financial transaction alternatives at remote customer locations.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Consumers and retailers
EXISTING PARTNERSHIPS:
NPCI, ICICI bank, Yes bank, SBI, IndusInd, RBL - to power Eko Wallet services. Business Correspondent for SBI and ICICI, as a distribution partner for Bharati AXA Life Insurance. Pine labs - to provide money transfer services at POS. Prabhu Money Group - To provide Indo-Nepal remittance services.
COMMENT
Eko provides banks and customers at remote locations with ways to do financial transactions without requiring to open branches and involving bank staff. Promotes financial inclusion services (targeted to the unbanked and underbanked).

PEOPLE

MEDICI analysts will analyze Eko India Financial Services soon

TRACTION

Insufficient information for accurate analysis

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$5.5 Millions
DATE OF LAST FUNDING:
May 2018
FUNDING SERIES:
Others
$5.5 Millions Closed: Jul 2011
LISTED:
NO

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